NTPC Renewable Energy Limited Signs Term Sheet with Greenko Subsidiary For RTC Power of 1300 MW Capacity

NTPC Renewable Energy Ltd, a wholly owned subsidiary of NTPC Green Energy Limited, has signed Term Sheet with Greenko ZeroC Pvt Ltd (A Greenko Group Company) on 28^th March, 2023 to Supply 1300 MW Round the Clock (RTC) RE Power for powering Greenko’s upcoming Green Ammonia Plant at Kakinada, India.

The Term Sheet was signed in the presence of Mohit Bhargava, CEO (NTPC Renewable Energy Ltd),  Anil Chalamalasetty, Founder and MD, Greenko and other senior officials from NTPC REL.

The agreement between the two companies is one of the world’s single largest contract for supply of round-the-clock renewable supply for an industrial client. The sheer size of the RTC deal would indicate the requirement for over 3000 MW of renewable energy capacity to be created to service the deal effectively.

The Term Sheet was signed by Rajiv Gupta, Chief General Manager, NTPC Renewable Energy Ltd and Mahesh Kolli, Founder and Joint MD, Greenko Group at NTPC office in New Delhi.

For NTPC Renewable Energy, the deal is not just one of the largest corporate deals, but marks its strong push into the C&I segment, after being a presence mainly in the utility scale segment besides some rooftop installations.

As one of the world’s largest consumer and producer of fertilisers, green ammonia is one possibility for India to abate emissions in its agricultural sector. it is also a more viable precursor to green hydrogen in terms of energy conversion as well. Being easier to store and transport, Green Ammonia offers clear advantages over Green Hydrogen for now.

It may be recalled that in December 2022, Greenko Energies had emerged as the lowest bidder by a significant margin for NTPC Renewable Energy’s auction to set up interstate transmission system (ISTS)-connected energy storage systems of 3,000 MWh capacity with a minimum of 500 MW capacity to be installed anywhere across India. Greenko won the entire capacity by quoting Rs 27.9 lakh /MWh/year, or Rs 2.79/kWh.